Multifamily

Cushman & Wakefield Brokers Sale of Value-Add Multifamily Property in Pueblo, Colorado

by Amy Works August 7, 2023

PUEBLO, COLO. — Cushman & Wakefield has arranged the sale of Belmont Heights Apartments, a multifamily community located at 1408-1224 E. 21st St. in Pueblo. Anchor Belmont purchased the asset from an entity doing business as Belmont Heights Apartments LLC for $3.6 million, or $100,000 per unit. Lee Wagner and Jeff Dimmen of Cushman & Wakefield’s Multifamily Investment Services team in Colorado Springs, Colo., represented the buyer and seller in the transaction. The five-building complex features 36 units, including select units offering extra half-bathrooms and fireplaces, 20 townhome-style units and outdoor courtyards. The property offers a mix of 16 one-bedroom, 16 two-bedroom and four three-bedroom floor plans.

August 7, 2023

Development Multifamily Southeast Virginia

GW, Virtus Real Estate Capital Break Ground on 279-Unit Apartment Community in Charlottesville, Virginia

by John Nelson August 4, 2023

CHARLOTTESVILLE, VA. — GW Real Estate Partners and Virtus Real Estate Capital have broken ground on a 279-unit apartment community located at the entrance to North Pointe, a 224-acre mixed-use development in Charlottesville. Dubbed The Ridge at North Pointe, the community will comprise seven three-story buildings with units in one-, two- and three-bedroom floor plans averaging 988 square feet, as well as 502 parking spaces. Delivery is scheduled for the second quarter of 2024. United Bank provided construction financing for the project.

August 4, 2023

Acquisitions Arizona Multifamily Western

Greenlight Communities Sells Cabana Encanto Apartments Near Phoenix for $61M

by Amy Works August 4, 2023

GOODYEAR, ARIZ. — Greenlight Communities has completed the disposition of Cabana Encanto, an attainable housing property located within the Palm Valley master-planned community in Goodyear. A partnership between Sunrise Multifamily and Ascent Equity Group acquired the asset for $61 million, or $213,287 per unit. Steve Gebing and Cliff David of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction. Situated on 8.8 acres, Cabana Encanto features 286 apartments with 9-foot ceilings, 8-foot keyless entry doors and front porches or patios. Community amenities include controlled access, a leasing office, clubhouse with social space, coworking booths with soundproof panels, a swimming pool, grilling stations, a multipurpose event lawn and Zen gardens.

August 4, 2023

Development Multifamily Texas

Olive Tree Holdings Completes Renovation of 308-Unit Apartment Community in Metro Houston

by Taylor Williams August 4, 2023

PASADENA, TEXAS — An affiliate of New York City-based Olive Tree Holdings has completed the $4 million renovation of The Life at Beverly Palms, a 308-unit apartment community located in the eastern Houston metro of Pasadena. The property was built in 1971 and offers one-, two- and three-bedroom units. Unit interiors received new paint and windows, and exterior upgrades included refreshed sidewalks, roofs and landscaping. Olive Tree also enhanced the amenity spaces, which include a community room, pool, picnic area, laundry center, dog park and playground.

August 4, 2023

Acquisitions Multifamily New Jersey Northeast

Colony Hills Capital Acquires Central New Jersey Apartment Community for $115M

by Taylor Williams August 4, 2023

PLAINSBORO, N.J. — Massachusetts-based investment firm Colony Hills Capital has acquired Addison at Princeton Meadows, a 440-unit apartment community located in the Central New Jersey community of Plainsboro. The sales price was $115 million. The garden-style property offers studio, one- and two-bedroom units and amenities such as a pool, fitness center, tennis court, basketball court, dog park and outdoor grilling and dining stations. Allan Szlafrok, Eli Maryl, Ohad Babo, and Michael Weiser of GFI Realty Services represented Colony Hills Capital, which plans to implement a value-add program, in the transaction. JLL represented the seller, New Jersey-based Kushner Real Estate Group (KRE).

August 4, 2023

Rowen-at-the-Pinehills-Plymouth-Massachusetts

Development Massachusetts Multifamily Northeast

Bozzuto Begins Leasing 178-Unit Apartment Complex in Plymouth, Massachusetts

by Taylor Williams August 4, 2023

PLYMOUTH, MASS. — Maryland-based developer Bozzuto has begun leasing Rowen at The Pinehills, a 178-unit apartment complex in Plymouth, located in the southern coastal part of The Bay State. The four-story building houses one-, two- and three-bedroom units that feature stainless steel appliances, quartz countertops and tile backsplashes. Select residences also offer private balconies/patios. The amenity package consists of a pool, landscaped courtyards, fitness center with yoga and Pilates studios, a library with coworking spaces, entertainment and demonstration kitchen, billiards room, pet spa and storage lockers. Rents start at $2,550 per month for a one-bedroom apartment.

August 4, 2023

Chilton-Hall-Apartments-Elizabeth-New-Jersey

Acquisitions Multifamily New Jersey Northeast

Gebroe-Hammer Arranges Sale of 126-Unit Multifamily Property in Elizabeth, New Jersey

by Taylor Williams August 4, 2023

ELIZABETH, N.J. — Locally based brokerage firm Gebroe-Hammer Associates has arranged the sale of Chilton Hall Apartments, a 126-unit multifamily property located in the Northern New Jersey community of Elizabeth. The garden-style property comprises 21 buildings on a four-acre site, and the unit mix consists of 60 one-bedrooms and 66 two-bedrooms. Stephen Tragash of Gebroe-Hammer represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

August 4, 2023

Affordable Housing Loans Massachusetts Multifamily Northeast

MassHousing Provides $13.3M in Financing for Affordable Housing Complex in Springfield, Massachusetts

by Taylor Williams August 4, 2023

SPRINGFIELD, MASS. — MassHousing has provided $13.3 million in financing for Van der Heyden Apartments, an affordable housing complex located in the western Massachusetts city of Springfield. The undisclosed borrower will use the proceeds to acquire and renovate the property as well as preserve its affordability status. Built in 1914, the property totals 45 units. Under the new affordability agreement, 18 of the units are reserved for households earning 30 percent or less of the area median income (AMI). The other 27 are earmarked for renters earning 50 percent or less of AMI. Residences come in one- and two-bedroom floor plans. As part of the renovation, the building’s commercial space will be converted into a supportive services area with an office and meeting room.

August 4, 2023

Affordable Housing Development Indiana Midwest Multifamily

Birge & Held Begins Pre-Leasing for 216-Unit Affordable Housing Community in Indianapolis

by Kristin Harlow August 4, 2023

INDIANAPOLIS — Locally based Birge & Held has begun pre-leasing for its newest community, West Village of Avondale Meadows in Indianapolis. Located at 4115 Meadows Drive, the affordable housing community features 216 units across six buildings. Units are reserved for residents earning annual incomes between $40,620 and $67,320. Amenities include a clubhouse with a community room, exercise room, TVs and billiards. Birge & Held received Low Income Housing Tax Credit funding from HUD through the Indiana Housing and Community Development Authority. Strategic Capital Partners also served as a key partner in the development.

August 4, 2023

Acquisitions Midwest Minnesota Multifamily

Marcus & Millichap Brokers $1.1M Sale of Apartment Building in Minneapolis

by Kristin Harlow August 4, 2023

MINNEAPOLIS — Marcus & Millichap has brokered the sale of a 12-unit apartment building located at 519 10th Ave. SE in Minneapolis for $1.1 million. Constructed in 1966, 519 Apartments is situated in the Saint Anthony Main/Marcy-Homes neighborhood near the University of Minnesota Twin Cities campus. Abe Roberts and Michael Jacobs of Marcus & Millichap represented the buyer and seller, both of which were undisclosed.

August 4, 2023

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